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PPI: Producentpriser falder 0,5% i USA, langt mere end ventet på -0,1%

Morten W. Langer

onsdag 18. januar 2023 kl. 14:34

Fra bls.gov:

The Producer Price Index for final demand declined 0.5 percent in December, seasonally 
adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 0.2 
percent in November and 0.4 percent in October. (See table A.) On an unadjusted basis, the 
index for final demand increased 6.2 percent in 2022 after rising 10.0 percent in 2021. 

In December, the decrease in the final demand index can be attributed to a 1.6-percent decline in 
prices for final demand goods. In contrast, the index for final demand services rose 0.1 percent.

Prices for final demand less foods, energy, and trade services edged up 0.1 percent in December 
after increasing 0.3 percent in November. The index for final demand less foods, energy, and 
trade services advanced 4.6 percent in 2022 following a 7.0-percent rise in 2021. 

Final Demand

Final demand goods: Prices for final demand goods moved down 1.6 percent in December, the 
largest decrease since falling 1.8 percent in July. Leading the December decline, the index for final 
demand energy dropped 7.9 percent. Prices for final demand foods decreased 1.2 percent. 
Conversely, the index for final demand goods less foods and energy advanced 0.2 percent. 

Product detail: Nearly half of the December decrease in the index for final demand goods can be 
traced to a 13.4-percent decline in prices for gasoline. The indexes for diesel fuel; jet fuel; fresh and 
dry vegetables; canned, cooked, smoked, or prepared poultry; and basic organic chemicals also fell. 
In contrast, prices for carbon steel scrap increased 8.3 percent. The indexes for chicken eggs and for 
electric power also moved higher. (See table 2.)

Final demand services: Prices for final demand services edged up 0.1 percent in December after 
rising 0.2 percent in November. The December increase can be traced to margins for final demand 
trade services, which advanced 0.3 percent. (Trade indexes measure changes in margins received by 
wholesalers and retailers.) Conversely, the index for final demand transportation and warehousing 
services fell 0.2 percent, while prices for final demand services less trade, transportation, and 
warehousing were unchanged. 

Product detail: A major factor in the December increase in prices for final demand services was a 
17.6-percent jump in margins for fuels and lubricants retailing. The indexes for deposit services 
(partial), airline passenger services, inpatient care, and professional and commercial equipment 
wholesaling also moved higher. In contrast, prices for truck transportation of freight decreased 1.7 
percent. The indexes for residential real estate loans (partial), machinery and vehicle wholesaling, 
and guestroom rental also fell.

Table A. Monthly and 12-month percent changes in selected final demand price indexes, seasonally adjusted
MonthTotal
final
demand
Final
demand
less
foods,
energy,
and
trade
Final demand goodsFinal demand servicesChange
in final
demand
from 12
months
ago
(unadj.)
Change
in final
demand
less
foods,
energy,
and
trade
from 12
mo. ago
(unadj.)
TotalFoodsEnergyLess
foods
and
energy
TotalTradeTransportation
and
warehousing
Other

2021

Dec.

0.60.4-0.1-0.2-1.40.40.91.91.60.310.07.0

2022

Jan.

1.20.81.61.84.10.80.91.30.00.810.16.9

Feb.

1.10.22.21.97.20.80.51.72.0-0.310.46.7

Mar.

1.71.02.42.46.61.11.32.35.60.411.77.1

Apr.

0.50.41.31.51.51.10.00.12.1-0.211.26.8

May

0.80.51.50.44.80.70.40.62.50.111.16.8

June

0.90.32.2-0.18.90.50.30.30.80.211.26.4

July

-0.40.2-1.81.2-9.10.10.20.7-0.50.09.75.8

Aug.(1)

-0.10.2-1.0-0.1-5.40.20.51.0-1.10.48.75.6

Sept.(1)

0.30.30.31.50.30.00.3-0.2-0.30.68.55.7

Oct.(1)

0.40.20.60.72.50.00.20.10.40.28.25.5

Nov.(1)

0.20.30.13.3-3.20.30.20.0-0.90.47.34.9

Dec.

-0.50.1-1.6-1.2-7.90.20.10.3-0.20.06.24.6

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for August 2022 through November 2022 have been revised to reflect the availability of late reports and corrections by respondents.

Intermediate Demand by Commodity Type

Within intermediate demand in December, prices for processed goods decreased 2.8 percent, the 
index for unprocessed goods rose 3.4 percent, and prices for services increased 0.4 percent. (See 
tables B and C.)

Processed goods for intermediate demand: The index for processed goods for intermediate 
demand moved down 2.8 percent in December, the largest decline since falling 3.4 percent in April 
2020. Over 80 percent of the broad-based decrease in December is attributable to prices for 
processed energy goods, which dropped 10.9 percent. The indexes for processed materials less foods 
and energy and for processed foods and feeds also moved down, 0.5 percent and 0.8 percent, 
respectively. In 2022, prices for processed goods for intermediate demand increased 4.7 percent after 
jumping 24.4 percent in 2021.

Product detail: Nearly two-thirds of the December decline in the index for processed goods for 
intermediate demand can be traced to a 27.0-percent drop in prices for diesel fuel. The indexes for 
gasoline; basic organic chemicals; jet fuel; asphalt; and canned, cooked, smoked, or prepared poultry 
also moved lower. Conversely, prices for electric power advanced 1.0 percent. The indexes for beef 
and veal and for primary nonferrous metals also increased. 

Unprocessed goods for intermediate demand: Prices for unprocessed goods for intermediate 
demand rose 3.4 percent in December following three consecutive declines. Leading the increase, the 
index for unprocessed energy materials advanced 9.5 percent. Prices for unprocessed nonfood 
materials less energy moved up 0.6 percent. In contrast, the index for unprocessed foodstuffs and 
feedstuffs fell 1.5 percent. In 2022, prices for unprocessed goods for intermediate demand moved up 
11.7 percent following a 40.0-percent jump in 2021.

Product detail: A major factor in the increase in prices for unprocessed goods for intermediate 
demand was the index for natural gas, which surged 45.3 percent. Prices for ungraded chicken eggs, 
carbon steel scrap, hay and hayseeds, slaughter turkeys, and aluminum base scrap also moved up. 
Conversely, the index for grains declined 5.9 percent. Prices for crude petroleum and for raw cotton 
also decreased. 

Table B. Monthly and 12-month percent changes in selected intermediate demand price indexes for goods by commodity type, seasonally adjusted
MonthProcessed goods for intermediate demandUnprocessed goods for intermediate demand
TotalFoods
and
feeds
Energy
goods
Less
foods
and
energy
Total,
change
from 12
months
ago
(unadj.)
TotalFoodstuffs
and
feedstuffs
Energy
materials
Nonfood
materials
less
energy
Total,
change
from 12
months
ago
(unadj.)

2021

Dec.

-0.10.1-2.70.624.4-4.83.8-12.1-1.840.0

2022

Jan.

2.22.64.71.524.83.12.94.21.136.4

Feb.

1.52.15.80.423.39.85.418.21.533.5

Mar.

2.32.17.30.922.12.97.7-4.39.743.3

Apr.

2.03.24.41.222.05.54.29.31.350.1

May

2.31.14.51.821.65.40.214.6-4.246.4

June

2.00.08.80.121.94.8-0.411.1-2.050.3

July

-2.30.3-8.8-0.417.2-9.3-1.9-14.3-7.232.5

Aug.(1)

-1.4-0.1-4.4-0.614.34.6-1.610.90.436.9

Sept.(1)

-0.1-0.22.0-0.812.9-3.01.1-6.60.029.1

Oct.(1)

-0.1-0.11.9-0.710.2-10.2-1.5-18.3-5.19.1

Nov.(1)

-0.80.7-3.2-0.27.7-3.7-0.1-8.0-0.92.8

Dec.

-2.8-0.8-10.9-0.54.73.4-1.59.50.611.7

Footnotes
(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for August 2022 through November 2022 have been revised to reflect the availability of late reports and corrections by respondents.

Services for intermediate demand: The index for services for intermediate demand rose 0.4 percent 
in December, the sixth consecutive increase. Over 70 percent of the December advance can be 
attributed to prices for services less trade, transportation, and warehousing for intermediate demand, 
which moved up 0.5 percent. The index for trade services for intermediate demand increased 0.6 
percent. In contrast, prices for transportation and warehousing services for intermediate demand fell 
0.1 percent. In 2022, the index for services for intermediate demand rose 6.4 percent following an 
8.3-percent advance in 2021. 

Product detail: Over 40 percent of the December rise in the index for services for intermediate 
demand can be traced to a 16.4-percent increase in prices for deposit services (partial). The indexes 
for fuels and lubricants retailing, business loans (partial), gross rents for retail properties, paper and 
plastics products wholesaling, and airline passenger services also advanced. Conversely, prices for 
truck transportation of freight fell 1.7 percent. The indexes for investment banking and for chemicals 
and allied products wholesaling also decreased. 

Table C. Monthly and 12-month percent changes in selected intermediate demand price indexes for services by commodity type, seasonally adjusted
MonthServices for intermediate demand
TotalTradeTransportation
and
warehousing
OtherTotal, change
from 12 months
ago (unadj.)

2021

Dec.

0.81.51.60.58.3

2022

Jan.

0.81.40.60.67.9

Feb.

0.21.40.4-0.27.8

Mar.

1.34.42.10.08.4

Apr.

0.91.01.70.68.0

May

0.50.60.60.47.9

June

-0.3-0.70.1-0.36.3

July

0.30.01.00.25.9

Aug.(1)

0.6-1.1-0.41.46.0

Sept.(1)

0.4-0.1-0.70.96.1

Oct.(1)

0.40.10.70.56.6

Nov.(1)

0.81.3-1.31.16.9

Dec.

0.40.6-0.10.56.4

Footnotes

 

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